Inver Re, the global reinsurance brand of the Ardonagh Group, has announced a new Legacy Solutions unit, with the hire of former Enstar CFO Guy Bowker and hints at a capital agnostic approach that could make use of alternative capital, where solutions demand it.
Bowker was most recently the CFO of run-off and legacy specialist Enstar Group and brings 20 years’ experience to Inver Re, having spent time working at Platinum Re, AIG and Deloitte.
Bowker will lead Inver Re’s new Legacy Solutions group, with a goal of assisting insurers to transfer books of liabilities, either to improve capital position and solvency, or to deal with claims and reserving issues.
It’s the latest service addition to the interdisciplinary reinsurance broking group, after Inver Re launched in 2021 and has been building out its team to now include 100 colleagues across London, Bermuda and the United States offices.
Where this could be interesting to the ILS market and our readership, is that Bowker will sit within Inver Re Capital Advisors, a unit headquartered in Bermuda.
Inver Re Capital Advisors advises global clients on solutions spanning equity, debt, structured and alternative capital, the company said.
Legacy liabilities have proven attractive to some ILS investors and have been structured into ILS vehicles, including sidecars in the past, with the use of third-party capital increasingly seen in that marketplace.
Bowker, Legacy Solutions Managing Director, commented, “Legacy Solutions was the first item on at the Monte Carlo Rendez-Vous program this year and for good reason. The market is growing as the inflationary pressures on reserves prompt carriers to closely examine their liabilities. Thoughtful liability management is an imperative these days and is a regular conversation in all boardrooms; we can assist our clients to understand the opportunities and access this market.
“Inver Re has a real opportunity here. Working with colleagues across capital markets and reinsurance teams we have the agility to be joined up in crafting bespoke solutions for our clients.”
Steve Hearn, Inver Re CEO, added, “Guy is a renowned practitioner in this field and will be a huge asset to our clients and team. We’re very pleased that he’s chosen to join us at Inver Re as we continue to build a differentiated proposition that operates seamlessly across different product lines and territories.”